From the U.S. Code Online via GPO Access
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[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
  January 7, 2003 and February 12, 2003]
[CITE: 49USC11326]

 
                        TITLE 49--TRANSPORTATION
 
                 SUBTITLE IV--INTERSTATE TRANSPORTATION
 
                              PART A--RAIL
 
                          CHAPTER 113--FINANCE
 
                       SUBCHAPTER II--COMBINATIONS
 
Sec. 11326. Employee protective arrangements in transactions 
        involving rail carriers
        
    (a) Except as otherwise provided in this section, when approval is 
sought for a transaction under sections 11324 and 11325 of this title, 
the Board shall require the rail carrier to provide a fair arrangement 
at least as protective of the interests of employees who are affected by 
the transaction as the terms imposed under section 5(2)(f) of the 
Interstate Commerce Act before February 5, 1976, and the terms 
established under section 24706(c) \1\ of this title. Notwithstanding 
this part, the arrangement may be made by the rail carrier and the 
authorized representative of its employees. The arrangement and the 
order approving the transaction must require that the employees of the 
affected rail carrier will not be in a worse position related to their 
employment as a result of the transaction during the 4 years following 
the effective date of the final action of the Board (or if an employee 
was employed for a lesser period of time by the rail carrier before the 
action became effective, for that lesser period).
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    \1\ See References in Text note below.
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    (b) When approval is sought under sections 11324 and 11325 for a 
transaction involving one Class II and one or more Class III rail 
carriers, there shall be an arrangement as required under subsection (a) 
of this section, except that such arrangement shall be limited to one 
year of severance pay, which shall not exceed the amount of earnings 
from the railroad employment of that employee during the 12-month period 
immediately preceding the date on which the application for approval of 
such transaction is filed with the Board. The amount of such severance 
pay shall be reduced by the amount of earnings from railroad employment 
of that employee with the acquiring carrier during the 12-month period 
immediately following the effective date of the transaction. The parties 
may agree to terms other than as provided in this subsection.
    (c) When approval is sought under sections 11324 and 11325 for a 
transaction involving only Class III rail carriers, this section shall 
not apply.

(Added Pub. L. 104-88, title I, Sec. 102(a), Dec. 29, 1995, 109 Stat. 
842.)

                       References in Text

    Section 5(2)(f) of the Interstate Commerce Act, referred to in 
subsec. (a), was classified to section 5(2)(f) of former Title 49, 
Transportation, prior to repeal and reenactment as section 11347 of this 
title by Pub. L. 95-473, Oct. 17, 1978, 92 Stat. 1439. Section 11347 of 
this title was subsequently omitted in the general amendment of this 
subtitle by Pub. L. 104-88, Sec. 102(a).
    Section 24706(c) of this title, referred to in subsec. (a), was 
repealed by Pub. L. 105-134, title I, Sec. 142(a), Dec. 2, 1997, 111 
Stat. 2576.


                            Prior Provisions

    Provisions similar to those in this section were contained in 
section 11347 of this title prior to the general amendment of this 
subtitle by Pub. L. 104-88, Sec. 102(a).

                  Section Referred to in Other Sections

    This section is referred to in sections 5333, 10903, 11324, 11327 of 
this title.